ZAMBIA REVENUE AUTHORITY Domestic Taxes Division

Transcription

1 ZAMBIA REVENUE AUTHORITY Domestic Taxes Division Income Tax Return for Companies or Other Bodies Other than Individuals Self-Assessment Form 1. Income Tax Charge Year ended 31st December... Original Amended (Tick as applicable) If Amended, Amendment Approval Number Sr. No Description Details 2 Taxpayer Identification Number (TPIN) Taxpayer Details (Please notify the Tax Office if there has been any change in details under 3 to 9) 3 Name of Company 4 Postal Address 5 Physical Address 6 Address 7 Telephone / Cell Number 8 Accounting Period Business Name Trading Name PO Box Town Province Country Plot / House No Street Area Town Province Country Country Code Area Code Number NOTES: This return with any balance of payment should be submitted to Zambia Revenue Authority NOT later than 30th June... If the return is submitted later than this date, you will be liable to a penalty under Section 46(4) of the income tax act. Failure to submit or submitting a false return is also subject to penalties and/or prosecution. All fields on page 1 are mandatory FOR OFFICIAL USE ONLY Officer s Name Officer s Signature Date Received Receiving Office Date Stamp 1

2 Section A: Statement of Financial Position (Balance Sheet) as at 1. Fixed Assets / Non-Current Assets a. Land and Buildings b. Plant and Machinery c. Motor Vehicles d. Furniture and Fixtures e. Capital works in Progress f. Other Assets g. Intangible Assets h. Total Fixed Assets (a+b+c+d+e+f+g) APPLICATION OF FUNDS Accumulated Depreciation / Amortization j. Net Book Value of Fixed Assets (h-i) 2. Investments a. Shares b. Debentures c. Fixed Deposits d. Government Securities e. Other Investments f. Total Investments (a+b+c+d+e) 3. Current Assets, Loans and Advances a. Current Assets Inventories a. Stores / consumables including packing materials b. Raw Materials c. Work-in-Progress d. Finished Goods or Trade Goods e. Other f. Total Inventory (a+b+c+d+e) Accounts Receivables/Debtors a. Trade Receivables/Debtors/Loans b. Prepayments c. Other Receivables/Debtors/Loans d. Total Receivables/ Debtors (a+b+c) i Cash and Bank Balances a. Bank Balances b. Cash in hand and cash equivalents 2

3 c. Total balance available (a+b) Other Current Assets v. Total Current Assets [i(f)+ii(d)+iii(c)+iv] b. Loans and Advances Loans and advances to related Parties Loan and Advances to Staff i Deposits (Other than Fixed Deposits) Loans and Advances to Others v. Tax Assets v Total of Loans and Advances (i+ii+iii+iv+v) c. Total Current Assets, Loans and Advances (a(v)+b(vi)) 4. d. Current Liabilities and Provisions Current Liabilities a. Trade Payables/Creditors b. Liability for leased assets c. Other Current liabilities d. Total current liabilities (a+b+c) Provisions a. Provision for Taxes b. Provision for Bad Debts c. Proposed Dividends d. Employment Related Provisions e. Other Provisions f. Total Provisions (a+b+c+d+e) i Total Current Liabilities and Provisions ( i(d)+ ii(f)) 5. Net Current Assets (c-d(iii)) 6. Deferred Tax Assets 7. Total Assets (1j+2f+5+6) 8. Shareholder s Funds SOURCES OF FUNDS a. Share Capital Issued, Subscribed and Paid Up Capital Additional Issued Share Capital i Total Share Capital (i+ii) b. Reserves and Surpluses Share Premium Capital Reserves i Capital Redemption Reserves 3

4 Statutory Reserves v. Revaluation Reserves v v Translation Reserves Hedging Reserves vi ix. Other Reserves Retained Earnings / Accumulated Profit or Loss or Surplus or Deficit x. Total Reserves and Surpluses (sum of i to ix) c. Total Shareholder s Funds (a(iii)+b(x)) 9. Long Term Liabilities a. Secured Liabilities Loan from Financial Institutions i Other Loans Debt securities issued Due to related Parties v. Total Secured Liabilities (i+ii+iii+iv) b. Unsecured Liabilities Loans from Financial Institutions i Other Loans Payables/Creditors for more than one year Due to related Parties v. Total Unsecured Liabilities (i+ii+iii+iv) c. Total long term/non-current liabilities (a(v)+b(v)) 10. Deferred Tax Liability 11. Shareholder s Funds and Long Term Liabilities (8c+9c+10) Section B: Statement of Comprehensive Income (Profit and Loss Account) for the Year Ended 1. Sales / Gross Receipts of business or profession (From all sources) a. Sales / Gross Turnover 2. Cost of Sales a. Opening Inventory Raw materials i Work in progress Trading/Manufactured goods Other v. Total opening Inventory (i to iv) b. Purchases (raw materials/trade goods) Local Purchases Imports 4

5 i Total Purchases and Imports(i+ii) c. Direct costs Direct wages i Direct Expenses Total of other direct costs (i+ii) d. Overheads Rent and rates i Depreciation Other overheads Total overheads (i to iii) e. Closing Inventory Raw materials i Work in progress Trading/Manufactured goods Other v. Total Closing Inventory (i to iv) f. Cost of sales [2a(v)+2b(iii)+2c(iii)+2d(iv)]-[2e(v)] 3. Gross Profit [1(a)-2(f)] 4. Other Income a. Interest earned from sources inside Zambia b. Interest earned from sources outside Zambia c. Dividends earned from sources inside Zambia d. Dividends earned from sources outside Zambia e. Rent f. Commissions and Fees g. Annuities h. Royalties Realized exchange gains j. Unrealized exchange gains k. Profit on disposal of assets l. Hedging Income m. Management / Consultancy/ Technical Fees n. Any other income o. Total Other Income (total of a to n) 5. Operating Expenses a. Advertisement/Sales Promotion b. Bad Debts Written Off c. Royalties d. Repairs and Maintenance 5

6 e. Repairs of Building f. Freight and Transport g. Operating Lease Charges h. Power and Water Fuel and lubricants j. Provision for Bad and Doubtful Debts k. Depreciation l. Rent and Rates m. Preliminary Business Expenses n. Stationery and Printing o. Telephone Expenses p. Training Expenses q. Traveling Expenses including foreign traveling r. Price participation/ environmental rehabilitation and restoration s. Total Operating Expenses [total from 5(a) to 5(r)] 6. Other Expenses (Specify) a. b. c. d. e. f. g. Others h. Total of Other Expenditure [total from 6(a) to 6(g)] 7. Administrative Expenses a. Audit Expenses b. Commissions c. Depreciation d. Directors emoluments e. Donations f. Entertainment g. Hedging Expenses h. Legal Expenses Loss on disposal of assets j. Management/Consultancy Fees k. Rent and rates l. Research and Development Expenses 6

7 m. Staff Welfare Expenses n. Technical Fees Paid o. Employment Expenses Salaries and wages Subscriptions i Pension Contributions Share Option Scheme Expenses v. Employment Costs for expatriate staff v Any other employment costs v Total employment expenses (total of i to vi) p. Total Administrative Expenses [total from 7(a) to 7(o)(vii)] 8. Financing Expenses a. Financing Lease Charges b. Interest c. Bank charges d. Incidental Costs (Commitment, Guarantee, Arrangement fees etc.) e. Insurance f. Realized exchange losses g. Unrealized exchange losses h. Total financing expenses [total from 8(a) to 8(g)] 9. Profit/(loss) before Tax [3 + 4(o) - 5(s) - 6(h) - 7(p) - 8(h) ] 10. Income Tax 11. Profit after Tax (9-10) 12. Proposed dividend 13. Profit after tax and dividend (11-12) 14. Balance of profit /(loss) brought from previous period 15. Balance carried to balance sheet or statement of financial position (13+14) Schedule 1: Computation of Chargeable Income from Business as per source SOURCE 1 INCOME CODE (See Code Table for Income Codes) Summary Statement of Comprehensive Income (Profit and Loss Account) as per source 1 Sales / Gross Receipts from business or profession 2 Cost of sales 3 Gross Profit [1-2] 4 Total other income 5 Total Operating Expenses 7

8 6 Total of Other Expenditure 7 Total Administrative Expenses 8 Total Financing Expenses 9 Profit / Loss per source [ ] 10 Add non-allowable deductions/expenses a. Depreciation b. Entertainment Expenses c. Loss on disposal of assets d. Balancing charge e. Provision for bad and doubtful debts f. Preliminary Business Expenses (to the extent not allowable) g. Unrealized foreign exchange loss[to the extent not allowable] h. j. Research and Development Expenses Non cash benefits Motor and housing expenses k. Other non-allowable deductions/expenses (specify) i v. Others v Total other disallowable expenses (i+ii+iii+iv+v) l. Total amount to be added back ( total from a to k(vi)) 11. Less allowable deductions a. Profit on disposal of assets b. Capital allowances (portion that relate to source as per schedule 4) c. Mining prospecting expenditure d. Mining expenditure e. Unrealized foreign exchange gains [to the extent allowable] f. Other allowable deductions/expenses (specify) i Others Total other allowable deductions (i+ii+iii) g. Total allowable deductions (total of item a to f(iv)) 12. Adjusted Profit/ Loss[9+10(l)-11(g)] 13. Donations (to the extent not allowable) 14. Brought forward loss of previous year from business activity to be set off against current year of income (Column A of Schedule 6) 8

9 15. Taxable Profit[ ] 16. Tax on Taxable Profit(apply applicable rate) 17. Less Withholding Tax (for this source of income) 18. Net Tax Payable / Repayable (16-17) 19. Loss to be carried forward to next year for set off, if ( ) is negative. If positive write 0 Note: Loss incurred by the taxpayer shall not be deducted against any other income of the taxpayer for the year of loss, but shall be carried forward and allowed as deduction in determining chargeable business income of the taxpayer in the following year for the same source, subject to loss carry forward limitations. Schedule 2: Computation of Chargeable Income from Business as per source SOURCE 2 INCOME CODE (See Code Table for Income Codes) Summary Statement of Comprehensive Income (Profit and Loss Account) as per source 1 Sales / Gross Receipts from business or profession 2 Cost of sales 3 Gross Profit [1-2] 4 Total other income 5 Total Operating Expenses 6 Total of Other Expenditure 7 Total Administrative Expenses 8 Total Financing Expenses 9 Profit / Loss per source [ ] 10 Add non-allowable deductions/expenses a. Depreciation b. Entertainment Expenses c. Loss on disposal of assets d. Balancing charge e. Provision for bad and doubtful debts f. Preliminary Business Expenses (to the extent not allowable) g. Unrealized foreign exchange loss[to the extent not allowable] h. j. Research and Development Expenses Non cash benefits Motor and housing expenses k. Other non-allowable deductions/expenses (specify) i v. Others 9

10 v Total other disallowable expenses (i+ii+iii+iv+v) l. Total amount to be added back ( total from a to k(vi)) 11. Less allowable deductions a. Profit on disposal of assets b. Capital allowances (portion that relate to source as per schedule 4) c. Mining prospecting expenditure d. Mining expenditure e. Unrealized foreign exchange gains [to the extent allowable] f. Other allowable deductions/expenses (specify) i Others Total other allowable deductions (i+ii+iii) g. Total allowable deductions (total of item a to f(iv)) 12. Adjusted Profit/ Loss[9+10(l)-11(g)] 13. Donations (to the extent not allowable) 14. Brought forward loss of previous year from business activity to be set off against current year of income (Column A of Schedule 6) 15. Taxable Profit[ ] 16. Tax on Taxable Profit(apply applicable rate) 17. Less Withholding Tax (for this source of income) 18. Net Tax Payable / Repayable (16-17) 19. Loss to be carried forward to next year for set off, if ( ) is negative. If positive write 0 Note: Loss incurred by the taxpayer shall not be deducted against any other income of the taxpayer for the year of loss, but shall be carried forward and allowed as deduction in determining chargeable business income of the taxpayer in the following year for the same source, subject to loss carry forward limitations. Schedule 3: Computation of Chargeable Income from Business as per source SOURCE 3 INCOME CODE (See Code Table for Income Codes) Summary Statement of Comprehensive Income (Profit and Loss Account) as per source 1 Sales / Gross Receipts from business or profession 2 Cost of sales 3 Gross Profit [1-2] 4 Total other income 5 Total Operating Expenses 6 Total of Other Expenditure 7 Total Administrative Expenses 8 Total Financing Expenses 9 Profit / Loss per source [ ] 10

11 10 Add non-allowable deductions/expenses a. Depreciation b. Entertainment Expenses c. Loss on disposal of assets d. Balancing charge e. Provision for bad and doubtful debts f. Preliminary Business Expenses (to the extent not allowable) g. Unrealized foreign exchange loss[to the extent not allowable] h. j. Research and Development Expenses Non cash benefits Motor and housing expenses k. Other non-allowable deductions/expenses (specify) i v. Others v Total other disallowable expenses (i+ii+iii+iv+v) l. Total amount to be added back ( total from a to k(vi)) 11. Less allowable deductions a. Profit on disposal of assets b. Capital allowances (portion that relate to source as per schedule 4) c. Mining prospecting expenditure d. Mining expenditure e. Unrealized foreign exchange gains [to the extent allowable] f. Other allowable deductions/expenses (specify) i Others Total other allowable deductions (i+ii+iii) g. Total allowable deductions (total of item a to f(iv)) 12. Adjusted Profit/ Loss[9+10(l)-11(g)] 13. Donations (to the extent not allowable) 14. Brought forward loss of previous year from business activity to be set off against current year of income (Column A of Schedule 6) 15. Taxable Profit[ ] 16. Tax on Taxable Profit(apply applicable rate) 17. Less Withholding Tax (for this source of income) 18. Net Tax Payable / Repayable (16-17) 11

12 19. Loss to be carried forward to next year for set off, if ( ) is negative. If positive write 0 Note: Loss incurred by the taxpayer shall not be deducted against any other income of the taxpayer for the year of loss, but shall be carried forward and allowed as deduction in determining chargeable business income of the taxpayer in the following year for the same source, subject to loss carry forward limitations. **Note: Please use the continuation sheet if necessary for computation of chargeable income from business Part 1: Capital Allowances on Implements, Plant and Machinery Sr. No. Item Type of Allowance Qualifying Cost Year of Purchase Year of first use Written down value B/F Applicable allowance rate Capital allowance for the year Written down value C/F (A) (B) (C) (D) (E) (F) (G)=% (H)=C*G (I) Total Part 2: Capital Allowances on Industrial Building and Commercial Building Sr. No. Item Type of Qualifying Allowance Cost Year of Purchase/ Construction / Alterations Year of first use Written down value B/F Applicable allowance rate Capital allowance for the year Written down value C/F (A) (B) (C) (D) (E) (F) (G)=% (H)=C*G (I) Total Part 3: Capital Allowances on Mining Deductions, Farm Improvements, Development, Farm Works and Farm Dwelling Sr. No. Item Type of Allowance Qualifying Cost Year of Purchase/ Expenditure for the year Year of first use Written down value B/F Applicable allowance rate Capital allowance for the year Written down value C/F (A) (B) (C) (D) (E) (F) (G)=% (H)=C*G (I) Total 12

13 Part 4: Capital Allowances on Motor Vehicles Sr. No. Item Type of Allowance Qualifying Cost Year of Purchase/ Acquisition Year of first use Written down value B/F Applicable allowance rate Capital allowance for the year Written down value C/F (A) (B) (C) (D) (E) (F) (G)=% (H)=C*G (I) Total **Note: Please use the continuation sheet if necessary for part 1 to 4 Schedule 4: Summary for Capital Allowances Sr. No. Items form part of Capital Allowance 1. Capital Allowances on Implements, Plant and Machinery (Part 1 total of column H) Amount 2. Industrial Building and Commercial Building Allowances (Part 2 total of column H) 3. Farm Improvements, Development, Farm Works Allowances and Farm Dwelling (Part 3 total of column H) 4. Capital Allowances on Motor Vehicles (Part 4 total of column H) Total Schedule 5: Details of current year losses, if any to be carried forward to future years Sr. No. i v. v Source code of Income Total Loss incurred during charge year 13

14 Schedule 6: Details of losses of earlier years to be carried forward to future years Sr. No. Source code of Income Charge year to which brought forward loss belongs to Brought forward loss from earlier years for set off (A) Loss set off from current year's income (B) Loss carried forward to future years for set off (A-B) i v. v Total Part 5 Summary of Tax Payable Assessment of Tax 1. Total Tax from all Sources [Schedule 1-3(Line 18)] 2. Total Tax From Other Sources (as per attached continuation sheet(s)) [State Number of extra Sheets] No of Extra Sheets Attached Amount 3. Advance Income Tax for the charge year 4. Tax Payable /(Repayable) [1+2-3] 5. Less Provisional Tax paid for the charge year 6. Balance of Tax due [4-5] Part 6 Shareholding and Shareholder s Emoluments (Add schedules if space is insufficient) a. Where is the Company Head Office situated.... b. Where were Directors meetings held during the tax year under review... i (c) Name and address of each shareholder (if a nominee shareholder, give also name and address of beneficial owner). Indicate which are company Directors or employees by Number and Class of shares held Period held if not whole year Voting rights % attached to shares held marking (E) (*for unlisted shares only) From To 14

15 i v. v Fulltime or Part time Number and Class Salary PAYE Deducted of shares held (d) In all cases state: Name and Address of the Directors and of the Company Secretary Directors fees, Bonuses and Allowances Part 7A Related Party Transactions 1. Did you have any transactions with related/associated parties in the tax year covered by this return? 2. If yes, you are required to fill out the table below. 2.1 Did you perform formal, Functional Analysis processes to determine the relevant prices? 2.2 Do you have documentation that evidences the steps undertaken for, and the determination of relevant prices? Transactions with Related/Associated Parties Received from non Nature of resident Transactions related/associated parties Services Management and Consultancy Technical Research and Development Commissions Others (specify) Financial Interest Loans Hedging & similar financial instruments Others (specify) Goods Processed or finished goods Unprocessed goods Rents, Royalties, License Fees, Franchise Fees Forward contract sales Supplied to nonresident related/associated parties Received from resident related/associated parties Supplied to resident related/associate d parties Amount in Kwacha Amount in Kwacha Amount in Kwacha Amount in Kwacha 15

16 Others (specify) Others Reimbursement of expenses Cost sharing/cost contribution arrangement Employment Costs for expatriate staff Others (specify) Total Value of transactions Part 7B Other Information (a) Advances to Shareholders and Associated Parties Nature of Advance and rate of interest charged Terms of repayment. Amount of interest incurred on advance. Amount of interest not deducted.. (b) Sales of Land, Building, Mining Rights and Unlisted Shares Situation / Description Date of Purchase Purchase Price Date of Sale Sale Price Tax Paid Part 7C Interest in Other Related Business Resident / Non Resident TPIN (for Residents) Name of Business Shares / Interest Controlled Part 8 Declaration This return has been completed based on information and details supplied by the taxpayer (Attach ITF 56) Full Name of Tax Agent. Signature Capacity. I (Full names in Block Letters) declare that this return contains a full and true statement of the income liable to tax for the year to which this form relates and that the information given in this form is true and correct.. Signature of person making the return. Designation Date Phone..... * THIS RETURN WILL NOT BE ACCEPTED UNLESS THE DECLARATION IS SIGNED. 16